Home Buying in 23452>Question Details

B, Home Buyer in quilan

I was already pre qualified and approved by one lender. Now the REO property I signed a purchas agreement

Asked by B, quilan Sat Feb 28, 2009

for is asking that I be pre approved through their bank but I can still opt to use my own lender.Wwhy do I need to be pre approved twice?

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2
yes, it is very common. read the blog below to learn more about REO purchases, this is only the first of many questions you'll have.
0 votes Thank Flag Link Sat Feb 28, 2009
The REO company is just verifying that you are pre-qualifed by going thru one of their lenders. They don't know if you are related to your lender or if that lender is reputable. A lot of REO companies do this as well as relocation companies. You don't have to use their lender for the loan but they are just double checking your qualification. We see this a lot
0 votes Thank Flag Link Sat Feb 28, 2009
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